Royal Energy Resources Inc. (OTC: ROYE) shares have been seeing a huge rally over the past three trading sessions, gaining� 633.33%. On Monday, the stock finished the day 340% higher at $0.110.
Royal Energy shares have a 52-week range of $0.01-$0.12. The penny stock is currently trading above its 50-day and 200-day moving averages.
Th company today announced its ownership of a 5% overriding royalty interest in Weston County, Wyoming, which encompasses more than 75 mineral acres. The oil and gas production will be developed by Orion Energy Partners L.P., a Denver, Colorado-based company, which recently assigned its interest to Noble Energy Inc.
“The field in Weston County, Wyoming marks another acquisition of oil and gas mineral rights in Wyoming. Teaming up with industry leaders like Orion Energy and Noble Energy is important in achieving early success in our gas production revenue future,”� Jacob Roth, president of Royal Energy stated in the press release.
Royal Energy yesterday announced that Bill Barrett Corporation has plans to apply for permit to drill horizontal wells with multi-stage fracturing stimulation, targeting the Mowry shale around one mile from the company�s lease in the Bonefish Prospect, T35N R83W Natrona County, Wyoming. The company has a 4% overriding stake in around 300 acres, which is also being developed by Bill Barrett Corporation. The company obtained the 4% overriding interest last week.
Roth said that the adjacent potential drilling by industry leader Bill Barrett Corporation will enhance value of the company�s oil and gas lease.
Royal Energy is an oil and gas exploration and production company. The company has stakes in properties in Natrona and other counties in Wyoming. The company seeks to identify, acquire and develop domestic oil and gas reserves, thereby lowering the U.S. dependence on foreign oil.
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